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London, 27 July 2012 -- Moody's has determined that the proposed action of UBS AG, London Branch ("UBS") described below (the "Proposal") under its interest rate swap agreements with (i) CSC Harlequin Ltd. and (ii) Braehead Glasgow Ltd. and Braehead Park Investments Ltd. (the "Borrowers") will not, if implemented, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the Class A Notes issued by Opera Finance (CSC 3) plc (the "Issuer"). Moody's opinion addresses only the credit impact of the proposed action, and Moody's is not expressing any opinion as to whether the action has, or could have, other non-credit related effects that may have a detrimental impact on the interests of holders and/or counterparties.

On 21 June 2012, Moody's downgraded the long term senior unsecured rating of UBS to A2. This resulted in a breach of the first rating trigger under the swap agreement. Upon a breach of the first rating trigger, the remedial actions available to UBS are - by way of paraphrase - (a) transferring its rights and obligations to a replacement third party rated at least A1 or P-1 (the "Moody's Required Ratings"), (b) procuring a co-obligor or guarantor having the Requisite Rating, (c) after 30 days put in place an appropriate mark-to-market collateral agreement and posting collateral if so required or (d) taking some other appropriate action.

The swap counterparty's Proposal is to take option (d) and to take no further action at this time. Moody's has determined that the Proposal will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the Notes, even if it constitutes a remedial action under (d) above.

Moody's has assessed the probability and impact of a default of the swap counterparty on the ability of the Issuer to meet its obligations under the transaction, including the impact of the loss of any benefit from the swap and any obligation the Issuer may have to make a termination payment.

The principal methodology used in this rating was Moody's Approach to Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE Portfolio) published in April 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. Factors identified in the Rating Implementation Guideline, "Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions" published in October 2010 were also taken into account in the rating analysis. Other methodologies and factors that may have been considered in the process of providing this opinion can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab.

Moody's notes that on 2 July 2012, it released a Request for Comment in which the rating agency requested market feedback on potential changes to its rating implementation guidance for the hedge counterparty risk in structured finance transactions. If the revised rating implementation guidance is implemented as proposed, the rating of the Notes should not be negatively affected. Please refer to Moody's Request for Comment, entitled " Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions" for further details regarding the implications of the proposed methodology changes on Moody's ratings.

Moody's will continue to monitor the ratings of the transaction. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

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